Jay Coomes Fiserv Joe Dahleen SME Considerations Unit Throughput Production volume fluctuations Origination Regulation Servicing Regulation Established Loan Processing Domains Loan Completion Operational Goals ID: 580755
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Slide1
Loan Completion Process
Jay Coomes, Fiserv
Joe Dahleen, SMESlide2
Considerations:
Unit Throughput
Production volume fluctuations Origination Regulation Servicing Regulation
Established Loan Processing DomainsSlide3
Loan Completion: Operational Goals
Ensure compliance
Reduce risk
Improve processor efficiencies Increase customer
satisfaction
Decrease Cost
Ensure Revenue
Loan
Origination
Regulatory
Compliance
Loan
Servicing
Completion
ProcessSlide4
Loan Completion Process: Tasks
Loan
Origination
Regulatory
Compliance
Loan
Servicing
Completion
Process
Pre-Close
Audit
Post-Close Audit
Trailing
Documentation
Document Logging and Tracking
Post Close QC
Recurring Commercial Audits
Confirmation of doc receipt
Loan Audit Delivery
Loan Insurer Delivery
Loan Investor Delivery
Pool Quality
Review
. . .Slide5
Today’s ResultsSlide6
Poor processing and documentation quality
Lack of regulatory compliance Low customer satisfactionCurrent Loan Completion Process: Results
Slide7
Non-standard, Disparate solutions
Home grown tools:
Access Databases Excel Spreadsheets PDF Documents Some specific 3rd party solutions
All are used to accomplish the completion of loan processing! With expected results!
Loan Completion Process: Environment
Slide8
Standardize Loan Completion Process
Standardization Steps:
Define the overall process Identify task within each step of the process Automate as much as possible Provide for flexibility of an ever changing regulatory landscape
Loan
Origination
Regulatory
Compliance
Loan
Servicing
Completion
ProcessSlide9
Loan Completion Process Automation
LOS Integration & Doc Scanning
Capture
Verification/Confirmation
Confirm
Package
Delivery
Deliver
Tracking Doc Location
Track
Quality
Reviews
Review
Loan Completion Operational ProcessSlide10
Automated Loan Completion Process
Yields a successful,
trackable
and complete transfer of the loan to its Ultimate Destination
Slide11Slide12
Improve loan quality to loan level deficiency and detection
Close wasteful gaps in processing and fulfillment
Increase warehouse velocity – while avoiding delay and riskProactive approach to re-purchase riskIncrease performance by leveraging technology thus reducing FTEReduce cost during the lifecycle of the loanSlide13
Loan
Complete
Loan
Servicing
Loan
Origination
Regulatory
Compliance
Provides a life of loan solution
Integrates with Fiserv’s loan origination, servicing
solutions
Executes standardized workflow processing at each
phase
Includes data and document content management
Provides data quality stage gates, audit checks and data element
analyticsFiserv’s LoanComplete SolutionSlide14
Joe Dahleen [guest speaker]
Mortgage Technology Consultant and Chief Strategy Officer
[whitepaper on Loan Completion Process]Slide15
Another View at the Loan Completion SpaceSlide16
Life
of
LoanLoan Completion Operational FunctionsSlide17
17
Life
of Loan
Loan Completion: Regulatory/Compliance
State Licensing
Management
Lawsuit Case Management
CFPB Complaint
Processing
CFPB Self Examination – Default
Loans
CFPB Self Examination – Core Servicing
LoanComplete
: Workflows are designed to accelerate business processes, both content and case-based, while reducing costs associated with risk management and regulatory compliance mandatesSlide18
Compliant Processing –
Highest priority outtakes from CFPB Slide19
19
Life
of Loan
Loan Completion: Loan Origination
Loan Origination Document Routing
Loan Closing Document Routing
Customer Service Case Management
LoanComplete
: Workflows
have been designed to track and react , maximizing the consumer experience and minimizing the processing timeline.Slide20
Life
of
LoanLoan
Completion: Quality Control
Investor Delivery
Document Readiness Review
Loan Sale Due Diligence
Processes
Pool Allocation Management
LoanComplete
: Designed
to support requirements for providing deep loan level data, remotely viewable documents, standardized packaging and
eDelivery
.Slide21
Life
of
LoanLoan
Completion: Loan Servicing
Loan
Servicing Acquisition/Sale Review
Early Default Review
PreForeclosure
Review
Payoff
Review
Loan Modification Document Routing
LoanComplete: Workflows are designed to improve the loan servicing review processes by leading the reviewer thru configurable workflows and routing exceptions for action, reducing risk and costs.Slide22
New and Expanded Operational Procedures from CFPB
Examination on consumer-facing aspects
Default servicing and foreclosure – including collections, bankruptcy, loss mitigation and foreclosuresCore servicing – including servicing transfers, payment processing, escrow accounts, Credit reporting and information sharing and privacyFocus is on UDAAP complianceTimely, clear and accurate disclosures to borrowers,
Proper application of fees and payments, including those associated with foreclosureConsistent and fair application of loss mitigation and foreclosures related activities, especially where there is judgment applied that could lead to disparate treatmentSlide23
Life
of
LoanLoan
Completion: Secondary Market
Agency Prefunding QC Audit
Agency Post Closing QC Audit
FNMA/FHLMC Post Close QC – Legal Docs
GNMA Post Closing Review
Pre Loan boarding data validation
LoanComplete
: Workflows
are designed to
ensure the quality of each loan meets
standards and requirements established by investor, lender and loan servicer, reducing risks and improving processor effectiveness.Slide24
The Hiring Strain
Problem
Experienced Employee Talent is in high demandHiring untrained employees shift pressure to training Money and Time miss aligned in staff assignedCapacity planning on Human capital opens gapsSolutionLeverage technology to lower operating costIncreased efficiency through reduction in manual laborMinimized time delays with intelligent pre-defined workflowSimplify audit review with movement of data and documentsSlide25
Loan Completion
The New Lending Application Domain
Features – Joe Slide
Slide26
What’s Next ?
Stop by the Solution Showcase to see more about the Fiserv LoanComplete family of Products
Ask you Fiserv Representative for more information Read Joe’s Whitepaper defining the Loan Completion SpaceAttend the PwC session regarding the CFPB and learn how the LoanComplete technology can apply Stay tuned for more on the Loan Completion Space and what Fiserv is 26Slide27
Jay.coomes@fiserv.com
000-000-0000
Jay Coomesjdahleen@comcast.net206-499-4888Joe Dahleen